LOUISVILLE, Ky. - Almost two years after Rick Pitino filed a breach of contract lawsuit against the University of Louisville, the legal battle is over.  The University of Louisville Athletic Association announced the settlement Wednesday. Pitino had been seeking close to $40 million after being fired from UofL.

With today's settlement, there will be no money exchanged between either side and Pitino's personnel record will be changed to say he resigned from his position as head coach for the men's basketball team. A federal judge will still need to approve the agreement.

Both sides released a joint statement that reads:

For 17 years, Coach Pitino ran a program that combined excellence on the court with a commitment to the program's student athletes, their academic achievement, and their futures in and out of basketball. Nevertheless, there were NCAA infractions during his term which led to serious consequences for the University. Although these infractions may not have occurred at Coach Pitino’s direction or with his knowledge, the problems leading to the NCAA infractions happened under his leadership.  We thank Coach Pitino for his years of service to the University of Louisville basketball program and wish him well.  Coach Pitino and the University of Louisville have mutually agreed to dismiss their legal claims against each other, designate his departure as a resignation, and move forward.

Pitino was fired after Louisville was named as one of the schools in a nationwide pay-for-play scandal. Ten people were arrested but Pitino wasn't named or charged in the case. 

Pitino coached the Cardinals from 2001 until 2017.  He took the school to three Final Fours, winning a now-vacated 2013 National Championship.

Here is the full settlement: